1

Nuveen

Preferred

&

Income

Opportunities

Fund

Portfolio

of

Investments

October

31,

2023

(Unaudited)

JPC

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

159.5% 

(100.0%

of

Total

Investments)

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

81.9%

(51.4%

of

Total

Investments)

X

611,583,884

Automobiles

&

Components

-

2.2%

$

13,485

(b)

General

Motors

Financial

Co

Inc

5.750%

N/A

(c)

$

10,512,189

7,270

(b)

General

Motors

Financial

Co

Inc

5.700%

N/A

(c)

6,105,083

Total

Automobiles

&

Components

16,617,272

Banks

-

35.1%

3,720

(b)

Bank

of

America

Corp

6.300%

N/A

(c)

3,619,615

4,830

(b)

Bank

of

America

Corp

6.250%

N/A

(c)

4,747,077

11,835

(b)

Bank

of

America

Corp

6.500%

N/A

(c)

11,679,754

1,415

Bank

of

America

Corp

6.100%

N/A

(c)

1,364,306

2,000

(b),(d)

Bank

of

America

Corp

(TSFR3M

reference

rate

+

3.397%

spread)

8.806%

N/A

(c)

2,000,990

3,685

Bank

of

America

Corp

4.375%

N/A

(c)

2,974,168

6,290

(b)

Citigroup

Inc

5.000%

N/A

(c)

5,952,931

16,055

(b),(e)

Citigroup

Inc

6.250%

N/A

(c)

15,071,805

4,800

(b)

Citigroup

Inc

7.625%

N/A

(c)

4,622,127

9,981

Citigroup

Inc

5.950%

N/A

(c)

9,489,443

2,415

(b)

Citigroup

Inc

7.375%

N/A

(c)

2,303,378

8,065

Citigroup

Inc

6.300%

N/A

(c)

7,820,743

1,820

Citigroup

Inc

4.150%

N/A

(c)

1,417,078

2,015

(b)

Citizens

Financial

Group

Inc

4.000%

N/A

(c)

1,371,951

1,685

Citizens

Financial

Group

Inc

6.375%

N/A

(c)

1,370,161

8,820

(b)

CoBank

ACB

6.450%

N/A

(c)

8,193,236

3,150

(b)

CoBank

ACB

6.250%

N/A

(c)

2,968,412

5,835

(b)

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(c)

5,222,325

2,420

(b)

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(c)

2,262,700

500

(b),(d)

Fifth

Third

Bancorp

(TSFR3M

reference

rate

+

3.295%

spread)

8.689%

N/A

(c)

450,938

1,025

(b)

Fifth

Third

Bancorp

4.500%

N/A

(c)

871,288

14,985

(d)

First

Citizens

BancShares

Inc/NC

(TSFR3M

reference

rate

+

4.234%

spread)

9.643%

N/A

(c)

15,243,575

910

(b)

Goldman

Sachs

Group

Inc/The

4.400%

N/A

(c)

760,475

925

(b)

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(c)

722,883

2,314

(b)

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(c)

2,792,676

8,525

(b)

Huntington

Bancshares

Inc/OH

5.625%

N/A

(c)

6,629,483

2,355

(b)

JPMorgan

Chase

&

Co

6.100%

N/A

(c)

2,322,913

1,830

JPMorgan

Chase

&

Co

3.650%

N/A

(c)

1,587,477

23,065

(b)

JPMorgan

Chase

&

Co

6.750%

N/A

(c)

23,047,491

7,075

(b)

JPMorgan

Chase

&

Co

5.000%

N/A

(c)

6,846,571

2,485

(b)

KeyCorp

5.000%

N/A

(c)

1,655,137

1,440

(b)

M&T

Bank

Corp

3.500%

N/A

(c)

962,939

6,970

(b)

M&T

Bank

Corp

6.450%

N/A

(c)

6,502,493

1,880

(b)

M&T

Bank

Corp

5.125%

N/A

(c)

1,417,751

3,185

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(c)

2,669,858

13,945

(b),(d)

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.302%

spread)

8.711%

N/A

(c)

13,752,085

2,657

(b)

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(c)

2,209,685

2,835

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(c)

2,039,900

7,960

(b)

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(c)

6,551,086

1,740

(b)

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(c)

1,548,053

3,545

Regions

Financial

Corp

5.750%

N/A

(c)

3,251,816

12,915

(e)

Truist

Financial

Corp

4.800%

N/A

(c)

10,584,003

6,082

(b)

Truist

Financial

Corp

5.100%

N/A

(c)

4,870,963

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

(Unaudited)

2

JPC

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

Banks

(continued)

$

3,430

(b),(d)

Truist

Financial

Corp

(TSFR3M

reference

rate

+

3.364%

spread)

8.773%

N/A

(c)

$

3,253,496

6,615

(b)

Wells

Fargo

&

Co

7.625%

N/A

(c)

6,623,579

9,547

(b)

Wells

Fargo

&

Co

3.900%

N/A

(c)

8,269,230

6,478

(e)

Wells

Fargo

&

Co

5.900%

N/A

(c)

6,369,851

12,370

(b)

Wells

Fargo

&

Co

5.875%

N/A

(c)

12,018,130

1,385

(b)

Wells

Fargo

&

Co

7.950%

11/15/29

1,460,843

9,666

(d),(e)

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

4.440%

spread)

10.111%

N/A

(c)

9,106,334

1,105

(d)

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

3.800%

spread)

9.471%

N/A

(c)

913,463

Total

Banks

261,758,665

Capital

Goods

-

4.3%

15,493

(b)

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

15,198,424

6,030

(b)

AerCap

Holdings

NV

5.875%

10/10/79

5,659,474

4,180

(b)

Air

Lease

Corp

4.650%

N/A

(c)

3,557,776

8,474

(b)

ILFC

E-Capital

Trust

I,

144A

7.459%

12/21/65

6,301,243

1,960

ILFC

E-Capital

Trust

I,

144A

7.209%

12/21/65

1,442,198

Total

Capital

Goods

32,159,115

Energy

-

3.1%

5,765

(b)

Enbridge

Inc

5.750%

7/15/80

4,805,442

4,560

(b)

Enbridge

Inc

8.500%

1/15/84

4,368,331

3,460

(b)

Enbridge

Inc

7.625%

1/15/83

3,094,766

2,578

(b)

Enbridge

Inc

5.500%

7/15/77

2,193,364

1,540

(b)

Enbridge

Inc

6.000%

1/15/77

1,340,089

3,320

(b)

Energy

Transfer

LP

6.500%

N/A

(c)

3,006,857

630

(b)

Energy

Transfer

LP

7.125%

N/A

(c)

523,169

3,015

Transcanada

Trust

5.600%

3/07/82

2,327,044

2,245

(b)

Transcanada

Trust

5.500%

9/15/79

1,778,723

Total

Energy

23,437,785

Financial

Services

-

10.6%

3,674

(b)

Ally

Financial

Inc

4.700%

N/A

(c)

2,384,788

6,365

Ally

Financial

Inc

4.700%

N/A

(c)

3,715,949

4,570

(b)

American

AgCredit

Corp,

144A

5.250%

N/A

(c)

4,181,550

4,560

(b)

American

Express

Co

3.550%

N/A

(c)

3,579,600

2,040

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(c)

1,930,801

2,590

(b)

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(c)

2,331,000

3,215

(b)

Capital

One

Financial

Corp

3.950%

N/A

(c)

2,237,577

5,720

Charles

Schwab

Corp/The

5.375%

N/A

(c)

5,431,472

3,090

(b)

Charles

Schwab

Corp/The

4.000%

N/A

(c)

2,452,443

1,100

Compeer

Financial

ACA,

144A

4.875%

N/A

(c)

990,000

3,175

(b)

Discover

Financial

Services

6.125%

N/A

(c)

2,931,838

1,465

(b)

Discover

Financial

Services

5.500%

N/A

(c)

977,001

7,470

Equitable

Holdings

Inc

4.950%

N/A

(c)

6,807,838

7,411

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(c)

6,907,831

1,775

(b),(d)

Goldman

Sachs

Group

Inc/The

(TSFR3M

reference

rate

+

3.136%

spread)

8.501%

N/A

(c)

1,762,484

1,555

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(c)

1,232,050

5,920

(b)

Goldman

Sachs

Group

Inc/The

7.500%

N/A

(c)

5,806,057

14,454

(b),(e)

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(c)

14,094,416

9,696

(b)

Voya

Financial

Inc

7.748%

N/A

(c)

9,519,386

Total

Financial

Services

79,274,081

3

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

Food,

Beverage

&

Tobacco

-

4.8%

$

2,145

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(c)

$

1,930,500

28,560

(b)

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(c)

25,132,800

7,435

(b)

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(c)

5,427,550

3,860

(b)

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(c)

3,010,800

Total

Food,

Beverage

&

Tobacco

35,501,650

Insurance

-

14.0%

1,615

Aegon

NV

5.500%

4/11/48

1,459,552

1,550

(b)

American

International

Group

Inc

5.750%

4/01/48

1,410,422

16,404

(b)

Assurant

Inc

7.000%

3/27/48

15,711,522

11,519

(b)

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

9,790,346

3,285

(b)

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

2,584,291

2,395

(b)

Enstar

Finance

LLC

5.750%

9/01/40

2,107,197

4,720

Enstar

Finance

LLC

5.500%

1/15/42

3,762,246

8,710

(b)

Markel

Group

Inc

6.000%

N/A

(c)

8,420,907

6,088

(b)

MetLife

Inc,

144A

9.250%

4/08/38

6,594,278

3,860

(b)

MetLife

Inc

3.850%

N/A

(c)

3,509,505

2,010

(b)

MetLife

Inc

5.875%

N/A

(c)

1,770,254

2,485

(b)

PartnerRe

Finance

B

LLC

4.500%

10/01/50

2,042,396

7,488

(b)

Provident

Financing

Trust

I

7.405%

3/15/38

7,239,680

2,690

(b)

Prudential

Financial

Inc

5.125%

3/01/52

2,287,150

745

(b)

Prudential

Financial

Inc

3.700%

10/01/50

586,957

6,385

(b)

QBE

Insurance

Group

Ltd,

144A

7.500%

11/24/43

6,387,975

2,960

(b)

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(c)

2,828,933

14,558

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

14,317,529

9,700

(b)

SBL

Holdings

Inc,

144A

6.500%

N/A

(c)

5,471,263

10,685

(b)

SBL

Holdings

Inc,

144A

7.000%

N/A

(c)

6,492,413

Total

Insurance

104,774,816

Media

&

Entertainment

-

0.4%

3,690

(b)

Paramount

Global

6.375%

3/30/62

2,715,619

Total

Media

&

Entertainment

2,715,619

Technology

Hardware

&

Equipment

-

0.2%

2,315

(b)

Vodafone

Group

PLC

4.125%

6/04/81

1,749,890

Total

Technology

Hardware

&

Equipment

1,749,890

Telecommunication

Services

-

0.9%

6,644

Vodafone

Group

PLC

7.000%

4/04/79

6,424,229

Total

Telecommunication

Services

6,424,229

Utilities

-

6.3%

4,775

(b)

AES

Andes

SA,

144A

6.350%

10/07/79

4,413,055

2,200

(b)

AES

Andes

SA,

144A

7.125%

3/26/79

2,069,512

2,070

American

Electric

Power

Co

Inc

3.875%

2/15/62

1,625,621

1,210

(b)

CMS

Energy

Corp

4.750%

6/01/50

1,003,407

4,310

(b)

Edison

International

5.000%

N/A

(c)

3,835,736

995

(b)

Edison

International

5.375%

N/A

(c)

891,691

14,680

(b)

Emera

Inc

6.750%

6/15/76

13,805,617

4,750

Sempra

4.875%

N/A

(c)

4,435,864

3,005

Sempra

4.125%

4/01/52

2,314,674

3,580

(b)

Southern

Co/The

4.000%

1/15/51

3,266,335

8,525

(e)

Vistra

Corp,

144A

8.000%

N/A

(c)

8,098,750

1,550

Vistra

Corp,

144A

7.000%

N/A

(c)

1,410,500

Total

Utilities

47,170,762

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$682,292,316)

611,583,884

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

(Unaudited)

4

JPC

Principal

Amount

(000)

Description

(a),(f)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

48.2%

(30.2%

of

Total

Investments)

X

359,886,999

Banks

-

40.6%

$

2,025

(b)

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(c)

$

1,964,655

11,060

(b)

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(c)

10,419,827

2,810

(b)

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375%

N/A

(c)

2,709,545

5,495

(b)

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(c)

4,363,618

3,120

(b)

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.625%

N/A

(c)

2,827,506

4,700

(b)

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(c)

4,056,778

8,000

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(c)

7,751,776

11,705

(b)

Banco

Santander

SA

4.750%

N/A

(c)

8,417,421

14,840

(b)

Barclays

PLC

8.000%

N/A

(c)

13,125,980

6,440

Barclays

PLC

6.125%

N/A

(c)

5,752,337

10,185

(e)

Barclays

PLC

8.000%

N/A

(c)

9,961,381

7,560

BNP

Paribas

SA,

144A

6.625%

N/A

(c)

7,454,221

9,125

(b)

BNP

Paribas

SA,

144A

8.500%

N/A

(c)

8,743,472

1,600

(b)

BNP

Paribas

SA,

144A

7.000%

N/A

(c)

1,427,323

13,875

(b)

BNP

Paribas

SA,

144A

7.750%

N/A

(c)

12,864,530

2,500

(b)

BNP

Paribas

SA,

144A

9.250%

N/A

(c)

2,541,222

5,050

BNP

Paribas

SA,

144A

7.375%

N/A

(c)

4,919,646

5,854

(b)

Credit

Agricole

SA,

144A

7.875%

N/A

(c)

5,824,730

12,285

(b)

Credit

Agricole

SA,

144A

8.125%

N/A

(c)

12,131,437

1,925

(b)

Credit

Agricole

SA,

144A

4.750%

N/A

(c)

1,424,898

22,034

(b),(e)

HSBC

Holdings

PLC

6.375%

N/A

(c)

20,771,174

13,585

(b)

HSBC

Holdings

PLC

8.000%

N/A

(c)

13,330,281

13,175

(b),(e)

HSBC

Holdings

PLC

6.000%

N/A

(c)

11,474,963

11,365

ING

Groep

NV

,

Reg

S

6.750%

N/A

(c)

11,281,651

10,560

(b)

ING

Groep

NV

5.750%

N/A

(c)

9,287,995

7,585

(b)

ING

Groep

NV

6.500%

N/A

(c)

7,096,903

5,575

(b)

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(c)

5,206,320

5,075

(b)

Lloyds

Banking

Group

PLC

8.000%

N/A

(c)

4,456,394

7,450

(b)

Lloyds

Banking

Group

PLC

7.500%

N/A

(c)

7,260,558

15,665

(b),(e)

Lloyds

Banking

Group

PLC

7.500%

N/A

(c)

14,533,987

3,350

(b)

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(c)

2,965,196

9,190

(b)

NatWest

Group

PLC

8.000%

N/A

(c)

8,921,606

9,319

(b)

NatWest

Group

PLC

6.000%

N/A

(c)

8,537,215

5,180

(b)

Nordea

Bank

Abp,

144A

6.625%

N/A

(c)

4,842,544

7,331

(b)

Societe

Generale

SA,

144A

7.875%

N/A

(c)

7,263,805

13,230

(b)

Societe

Generale

SA,

144A

9.375%

N/A

(c)

12,771,893

6,268

(b)

Societe

Generale

SA,

144A

8.000%

N/A

(c)

6,139,384

2,820

Societe

Generale

SA,

144A

4.750%

N/A

(c)

2,260,967

2,066

(b)

Societe

Generale

SA,

144A

6.750%

N/A

(c)

1,661,330

2,681

Standard

Chartered

PLC,

144A

6.000%

N/A

(c)

2,522,672

6,880

(b)

Standard

Chartered

PLC,

144A

7.750%

N/A

(c)

6,600,962

5,500

UniCredit

SpA

,

Reg

S

8.000%

N/A

(c)

5,417,500

Total

Banks

303,287,603

Financial

Services

-

7.6%

18,475

(b)

Deutsche

Bank

AG

6.000%

N/A

(c)

14,875,255

2,400

(b)

Deutsche

Bank

AG

7.500%

N/A

(c)

2,126,540

400

Deutsche

Bank

AG

,

Reg

S

4.789%

N/A

(c)

330,000

13,740

(b)

UBS

Group

AG,

144A

7.000%

N/A

(c)

13,624,378

13,675

UBS

Group

AG

,

Reg

S

7.000%

N/A

(c)

13,247,656

13,175

UBS

Group

AG

,

Reg

S

6.875%

N/A

(c)

12,395,567

Total

Financial

Services

56,599,396

Total

Contingent

Capital

Securities

(cost

$387,137,686)

359,886,999

5

Shares  

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

28.3%

(17.7%

of

Total

Investments)

X

211,196,249

Banks

-

7.7%

49,824

CoBank

ACB

6.200%

$

4,810,507

159,700

(b)

Farm

Credit

Bank

of

Texas,

144A

9.681%

15,890,150

221,181

(b)

Fifth

Third

Bancorp

6.625%

5,390,181

427,000

(b)

KeyCorp

6.200%

7,135,170

138,275

KeyCorp

6.125%

2,468,209

337,570

(b)

New

York

Community

Bancorp

Inc

6.375%

7,129,479

219,461

(b)

Regions

Financial

Corp

6.375%

4,602,097

67,764

(b)

Regions

Financial

Corp

5.700%

1,209,587

91,115

Synovus

Financial

Corp

5.875%

2,070,133

68,200

(b)

Wells

Fargo

&

Co

4.750%

1,213,960

141,500

(b)

Western

Alliance

Bancorp

4.250%

2,218,720

160,747

Wintrust

Financial

Corp

6.875%

3,848,283

Total

Banks

57,986,476

Capital

Goods

-

1.0%

207,815

(b)

Air

Lease

Corp

6.150%

5,012,498

76,500

(b)

WESCO

International

Inc

10.625%

2,039,490

Total

Capital

Goods

7,051,988

Energy

-

2.3%

60,200

(b)

Energy

Transfer

LP

7.600%

1,488,144

242,497

(b),(e)

NuStar

Energy

LP

11.315%

6,086,675

221,982

(b)

NuStar

Energy

LP

12.438%

5,653,882

163,374

(b)

NuStar

Logistics

LP

12.389%

4,244,456

Total

Energy

17,473,157

Financial

Services

-

5.2%

47,800

(e)

AgriBank

FCB

6.875%

4,780,000

84,573

(b)

Capital

One

Financial

Corp

5.000%

1,377,694

114,400

Equitable

Holdings

Inc

5.250%

2,062,632

68,813

Federal

Agricultural

Mortgage

Corp

6.000%

1,704,567

444,260

(b),(e)

Morgan

Stanley

7.125%

11,150,926

203,611

(b)

Morgan

Stanley

5.850%

4,450,936

110,293

(b)

Morgan

Stanley

6.875%

2,696,664

100,352

Morgan

Stanley

6.375%

2,360,279

72,100

(b)

Morgan

Stanley

6.500%

1,777,986

132,414

(b)

Synchrony

Financial

5.625%

1,955,755

204,839

Voya

Financial

Inc

5.350%

4,238,119

Total

Financial

Services

38,555,558

Food,

Beverage

&

Tobacco

-

2.7%

295,991

(b)

CHS

Inc

7.100%

7,319,858

279,909

(b)

CHS

Inc

6.750%

6,619,848

156,811

(b)

CHS

Inc

7.875%

4,011,225

23,900

Dairy

Farmers

of

America

Inc,

144A

7.875%

2,145,025

Total

Food,

Beverage

&

Tobacco

20,095,956

Insurance

-

9.0%

460,300

(e)

American

Equity

Investment

Life

Holding

Co

5.950%

9,735,345

226,000

American

Equity

Investment

Life

Holding

Co

6.625%

5,179,920

423,677

(b)

Aspen

Insurance

Holdings

Ltd

9.593%

10,710,554

107,800

(b)

Aspen

Insurance

Holdings

Ltd

5.625%

1,833,678

82,800

(b)

Assurant

Inc

5.250%

1,550,016

348,505

(b)

Athene

Holding

Ltd

6.350%

7,363,911

220,152

Athene

Holding

Ltd

6.375%

5,343,089

80,000

(b)

Axis

Capital

Holdings

Ltd

5.500%

1,559,200

63,400

Delphi

Financial

Group

Inc

8.816%

1,410,650

319,645

(e)

Enstar

Group

Ltd

7.000%

7,604,354

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

(Unaudited)

6

JPC

Investments

in

Derivatives

Shares  

Description

(a)

Coupon

Value

Insurance

(continued)

219,645

Maiden

Holdings

North

America

Ltd

7.750%

$

3,962,396

273,630

(b)

Reinsurance

Group

of

America

Inc

5.750%

6,709,408

116,700

(b)

Reinsurance

Group

of

America

Inc

7.125%

2,975,850

79,073

(b)

Selective

Insurance

Group

Inc

4.600%

1,249,353

Total

Insurance

67,187,724

Telecommunication

Services

-

0.2%

99,300

(b)

AT&T

Inc

4.750%

1,717,890

Total

Telecommunication

Services

1,717,890

Utilities

-

0.2%

45,100

(b)

NiSource

Inc

6.500%

1,127,500

Total

Utilities

1,127,500

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$235,711,938)

211,196,249

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

1.1%

(0.7%

of

Total

Investments)

X

8,078,917

Financial

Services

-

0.8%

$

18,750

Credit

Suisse

Group

AG

0.000%

1/17/72

$

1,968,750

10,605

Credit

Suisse

Group

AG

7.500%

6/11/72

1,113,525

10,229

Credit

Suisse

Group

AG

7.250%

3/12/72

1,074,045

8,090

Credit

Suisse

Group

AG

6.380%

2/21/72

849,450

7,835

Credit

Suisse

Group

AG

7.500%

1/17/72

822,675

Total

Financial

Services

5,828,445

Insurance

-

0.3%

2,375

(b)

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

2,250,472

Total

Insurance

2,250,472

Total

Corporate

Bonds

(cost

$56,841,256)

8,078,917

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

0.0%

(0.0%

of

Total

Investments)

X

5,414

Materials

-

0.0%

60

LyondellBasell

Industries

NV,

Class

A

$

5,414

Total

Materials

5,414

Total

Common

Stocks

(cost

$–)

5,414

Total

Long-Term

Investments

(cost

$1,361,983,196)

1,190,751,463

Borrowings

-

(30.5)%

(g),(h)

(227,700,000)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(13.8)%(i)

(102,639,332)

TFP

Shares,

Net

-

(20.0)%(j)

(149,370,180)

Other

Assets

&

Liabilities,

Net

-  4.8%

35,375,597

Net

Assets

Applicable

to

Common

Shares

-

100%

$

746,417,548

7

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

461

12/23

$

50,768,570

$

48,945,234

$

(1,823,336)

U.S.

Treasury

Ultra

Bond

159

12/23

18,995,865

17,897,438

(1,098,427)

Total

$69,764,435

$66,842,672

$(2,921,763)

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

(Annualized)

Fixed

Rate

Payment

Frequency

Effective

Date

(a)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services,

LLC

$

277,500,000

Receive

1-Month

LIBOR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

13,925,374

$

13,925,374

Morgan

Stanley

Capital

Services,

LLC

48,000,000

Receive

1-Month

LIBOR

2.364%

Monthly

7/01/19

7/01/26

7/01/28

2,881,306

2,881,306

Total

$

16,806,680

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

611,583,884

$

–

$

611,583,884

Contingent

Capital

Securities

–

359,886,999

–

359,886,999

$25

Par

(or

similar)

Retail

Preferred

198,050,067

13,146,182

–

211,196,249

Corporate

Bonds

–

8,078,917

–

8,078,917

Common

Stocks

5,414

–

–

5,414

Investments

in

Derivatives:

Futures

Contracts*

(2,921,763)

–

–

(2,921,763)

Interest

Rate

Swaps*

–

16,806,680

–

16,806,680

Total

$

195,133,718

$

1,009,502,662

$

–

$

1,204,636,380

*

Represents

net

unrealized

appreciation

(depreciation).

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

(Unaudited)

8

JPC

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$636,455,966

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(c)

Perpetual

security.

Maturity

date

is

not

applicable.

(d)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(e)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$141,234,961.

(f)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(g)

Borrowings

as

a

percentage

of

Total

Investments

is

19.1%.

(h)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$558,232,728

have

been

pledged

as

collateral

for

borrowings.

(i)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

8.6%.

(j)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

12.5%.

(k)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

TSFR

3M

CME

Term

SOFR

3

Month